Watch Gov. Phil Murphy deliver his budget address

Feb. 28, 2023: New Jersey Gov. Phil Murphy delivered his budget address for the current fiscal year to a joint session of the Legislature.

Gov. Phil Murphy is set to deliver his proposed state budget for the 2025 fiscal year on Tuesday before a joint session of the Legislature at the State House in Trenton.

Murphy’s speech comes at a time when state tax collections, after several years of steady growth, have been trailing the pace set this time in the last fiscal year, suggesting Murphy and lawmakers will have to navigate a shifting fiscal landscape over the next several months.

Inflation, high interest rates and a rising state unemployment rate are among a number of other key economic concerns facing the state as the new budget season gets underway.

John Reitmeyer and Briana Vannozzi discuss budget expectations and constraints

Murphy said during a recent interview with public radio that he was expecting a “tough, tight budget” as he looked ahead to the new fiscal year that begins July 1.

The governor’s budget address kicks off a legislative review process that will include a series of public hearings and committee meetings. Under the state Constitution, Murphy and lawmakers must agree on a balanced budget before July 1.

In addition to the budget itself, projected shortfalls at New Jersey Transit and a pending deadline to renew the state’s multibillion-dollar Transportation Trust Fund are among the key issues as a new spending plan comes together over the next several months.

Where to watch: NJ Spotlight News will have live coverage of Murphy’s address beginning at 2 p.m. on Feb. 27. It can be viewed on YouTube.